Enviva price target lowered to $32 from $63 at RBC Capital

RBC Capital lowered the firm’s price target on Enviva to $32 from $63 and keeps a Sector Perform rating on the shares after its inaugural investor day event. The company provided more details around its 2023 and longer-term outlook, growth and financing plans as well as its sustainability practices, and while the outlook and growth potential "appear solid", the stock is a "show-me" story, especially as most of Enviva 2023 expected earnings, cash flow and cost savings are back-end weighted, the analyst tells investors in a research note.